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(Times of India Via Acquire Media NewsEdge) BANGALORE: Wipro has bagged a $1.2 billion 10-year deal to manage information technology outsourcing of Canadian energy and utilities firm ATCO, thereby giving a further fill-up to the Bangalore-based IT firm's oil and gas vertical. Under the deal - announced on Friday - Wipro will buy ATCO I-Tek, the IT subsidiary of ATCO for $195 million, and take on board 500 employees. The company, post the closure of the deal in the current quarter, will later merge ATCO I-Tek with itself. "We have traditionally had a strong position in the Utilities space in Europe and this engagement provides momentum to our business in Canada and Australia," said Anand Padmanabhan, chief executive - Energy, Natural Resources and Utilities, Wipro. Wipro's oil and gas unit generates over a $1 billion of the company's $7.3 billion in revenues and is also one of the fastest growing units even as rival Infosys tries to garner a significant share of providing IT services in the oil and gas market. "This is outsourcing deal with significant amount of transformational and is also one of the largest deals for Wipro," Padmanabhan told ET. This will be the second such acquisition made by the Energy and Utilities division of Wipro, after it bought US-based Scientific Applications International Corp for about $150 million in April 2011. Padmanabhan said that the buyout of ATCO I-Tek will also help Wipro as the company services other clients in the resource-rich regions of Alberta in Canada and Perth in Australia, though he declined to share the number of clients ATCO I-Tek has for now.